| Fair Value Disclosures [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value | Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | December 31, 2016 | | | | | | | | Assets: | | | | | | | | Available for sale (“AFS”) fixed maturities: | | | | | | | | U.S. Government and government agencies | $ | 133 |
| | $ | 174 |
| | $ | 8 |
| | $ | 315 |
| States, municipalities and political subdivisions | — |
| | 6,641 |
| | 140 |
| | 6,781 |
| Foreign government | — |
| | 136 |
| | — |
| | 136 |
| Residential MBS | — |
| | 3,445 |
| | 190 |
| | 3,635 |
| Commercial MBS | — |
| | 1,468 |
| | 25 |
| | 1,493 |
| Asset-backed securities (“ABS”) | — |
| | 5,475 |
| | 484 |
| | 5,959 |
| Corporate and other | 29 |
| | 15,484 |
| | 712 |
| | 16,225 |
| Total AFS fixed maturities | 162 |
| | 32,823 |
| | 1,559 |
| | 34,544 |
| Trading fixed maturities | 30 |
| | 329 |
| | — |
| | 359 |
| Equity securities — AFS and trading | 1,305 |
| | 79 |
| | 174 |
| | 1,558 |
| Assets of managed investment entities (“MIE”) | 380 |
| | 4,356 |
| | 29 |
| | 4,765 |
| Variable annuity assets (separate accounts) (*) | — |
| | 600 |
| | — |
| | 600 |
| Equity index call options | — |
| | 492 |
| | — |
| | 492 |
| Other assets — derivatives | — |
| | 1 |
| | — |
| | 1 |
| Total assets accounted for at fair value | $ | 1,877 |
| | $ | 38,680 |
| | $ | 1,762 |
| | $ | 42,319 |
| Liabilities: | | | | | | | | Liabilities of managed investment entities | $ | 363 |
| | $ | 4,158 |
| | $ | 28 |
| | $ | 4,549 |
| Derivatives in annuity benefits accumulated | — |
| | — |
| | 1,759 |
| | 1,759 |
| Derivatives in long-term debt | — |
| | (1 | ) | | — |
| | (1 | ) | Other liabilities — derivatives | — |
| | 30 |
| | — |
| | 30 |
| Total liabilities accounted for at fair value | $ | 363 |
| | $ | 4,187 |
| | $ | 1,787 |
| | $ | 6,337 |
| | | | | | | | | December 31, 2015 | | | | | | | | Assets: | | | | | | | | Available for sale fixed maturities: | | | | | | | | U.S. Government and government agencies | $ | 100 |
| | $ | 192 |
| | $ | 15 |
| | $ | 307 |
| States, municipalities and political subdivisions | — |
| | 6,767 |
| | 89 |
| | 6,856 |
| Foreign government | — |
| | 154 |
| | — |
| | 154 |
| Residential MBS | — |
| | 3,305 |
| | 224 |
| | 3,529 |
| Commercial MBS | — |
| | 2,148 |
| | 39 |
| | 2,187 |
| Asset-backed securities | — |
| | 4,464 |
| | 470 |
| | 4,934 |
| Corporate and other | 50 |
| | 13,634 |
| | 633 |
| | 14,317 |
| Total AFS fixed maturities | 150 |
| | 30,664 |
| | 1,470 |
| | 32,284 |
| Trading fixed maturities | 13 |
| | 241 |
| | — |
| | 254 |
| Equity securities — AFS and trading | 1,362 |
| | 217 |
| | 140 |
| | 1,719 |
| Assets of managed investment entities | 309 |
| | 3,712 |
| | 26 |
| | 4,047 |
| Variable annuity assets (separate accounts) (*) | — |
| | 608 |
| | — |
| | 608 |
| Equity index call options | — |
| | 241 |
| | — |
| | 241 |
| Other assets — derivatives | — |
| | 2 |
| | — |
| | 2 |
| Total assets accounted for at fair value | $ | 1,834 |
| | $ | 35,685 |
| | $ | 1,636 |
| | $ | 39,155 |
| Liabilities: | | | | | | | | Liabilities of managed investment entities | $ | 289 |
| | $ | 3,468 |
| | $ | 24 |
| | $ | 3,781 |
| Derivatives in annuity benefits accumulated | — |
| | — |
| | 1,369 |
| | 1,369 |
| Derivatives in long-term debt | — |
| | (2 | ) | | — |
| | (2 | ) | Other liabilities — derivatives | — |
| | 8 |
| | — |
| | 8 |
| Total liabilities accounted for at fair value | $ | 289 |
| | $ | 3,474 |
| | $ | 1,393 |
| | $ | 5,156 |
|
(*) Variable annuity liabilities equal the fair value of variable annuity assets. |
Fair value measurements, Levels 1 and 2 transfers | The transfers between Level 1 and Level 2 for the years ended December 31, 2016, 2015 and 2014 are reflected in the table below at fair value as of the end of the reporting period (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 2 To Level 1 Transfers | | Level 1 To Level 2 Transfers | | # of Transfers | | Fair Value | | # of Transfers | | Fair Value | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Perpetual preferred stocks | 6 |
| | 5 |
| | 14 |
| | $ | 35 |
| | $ | 19 |
| | $ | 96 |
| | 7 |
| | 7 |
| | 13 |
| | $ | 28 |
| | $ | 31 |
| | $ | 83 |
| Common stocks | 3 |
| | 7 |
| | — |
| | — |
| | 80 |
| | — |
| | 2 |
| | — |
| | 7 |
| | — |
| | — |
| | 26 |
| Redeemable preferred stocks | — |
| | 2 |
| | 1 |
| | — |
| | 11 |
| | 5 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
|
Unobservable inputs used by management in determining fair value of embedded derivatives | The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives. See Note F — “Derivatives.”
| | | | | | | Unobservable Input | | Range | | | Adjustment for insurance subsidiary’s credit risk | | 0.4% – 2.9% over the risk free rate | | | Risk margin for uncertainty in cash flows | | 0.68% reduction in the discount rate | | | Surrenders | | 3% – 21% of indexed account value | | | Partial surrenders | | 2% – 10% of indexed account value | | | Annuitizations | | 0.1% – 1% of indexed account value | | | Deaths | | 1.5% – 8.0% of indexed account value | | | Budgeted option costs | | 2.4% – 3.6% of indexed account value | |
|
Changes in balances of Level 3 financial assets | Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2016, 2015 and 2014 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | Balance at December 31, 2015 | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Balance at December 31, 2016 | AFS fixed maturities: | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | (8 | ) | | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 8 |
| State and municipal | 89 |
| | — |
| | (4 | ) | | 57 |
| | (2 | ) | | — |
| | — |
| | 140 |
| Residential MBS | 224 |
| | (4 | ) | | (2 | ) | | 8 |
| | (28 | ) | | 34 |
| | (42 | ) | | 190 |
| Commercial MBS | 39 |
| | (1 | ) | | — |
| | — |
| | (7 | ) | | — |
| | (6 | ) | | 25 |
| Asset-backed securities | 470 |
| | (1 | ) | | 1 |
| | 50 |
| | (52 | ) | | 60 |
| | (44 | ) | | 484 |
| Corporate and other | 633 |
| | — |
| | (10 | ) | | 176 |
| | (100 | ) | | 30 |
| | (17 | ) | | 712 |
| Total AFS fixed maturities | 1,470 |
| | (14 | ) | | (14 | ) | | 291 |
| | (189 | ) | | 124 |
| | (109 | ) | | 1,559 |
| Equity securities | 140 |
| | (12 | ) | | 35 |
| | 44 |
| | (28 | ) | | 15 |
| | (20 | ) | | 174 |
| Assets of MIE | 26 |
| | (9 | ) | | — |
| | 12 |
| | — |
| | — |
| | — |
| | 29 |
| Total Level 3 assets | $ | 1,636 |
| | $ | (35 | ) | | $ | 21 |
| | $ | 347 |
| | $ | (217 | ) | | $ | 139 |
| | $ | (129 | ) | | $ | 1,762 |
| | | | | | | | | | | | | | | | | Embedded derivatives (a) | $ | (1,369 | ) | | $ | (211 | ) | | $ | — |
| | $ | (277 | ) | | $ | 98 |
| | $ | — |
| | $ | — |
| | $ | (1,759 | ) | Total Level 3 liabilities (b) | $ | (1,369 | ) | | $ | (211 | ) | | $ | — |
| | $ | (277 | ) | | $ | 98 |
| | $ | — |
| | $ | — |
| | $ | (1,759 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016. |
| | (b) | As discussed above, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | | | Bal. at Dec. 31, 2014 | | Impact of
accounting
change (b) | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Sale of subsidiaries | | Bal. at Dec. 31, 2015 | AFS fixed maturities: | | | | | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 15 |
| State and municipal | 100 |
| | — |
| | — |
| | (1 | ) | | 34 |
| | (1 | ) | | 2 |
| | (39 | ) | | (6 | ) | | 89 |
| Residential MBS | 300 |
| | — |
| | (11 | ) | | (1 | ) | | — |
| | (34 | ) | | 86 |
| | (88 | ) | | (28 | ) | | 224 |
| Commercial MBS | 44 |
| | — |
| | (1 | ) | | (1 | ) | | — |
| | (2 | ) | | 4 |
| | (1 | ) | | (4 | ) | | 39 |
| Asset-backed securities | 226 |
| | — |
| | 1 |
| | (7 | ) | | 265 |
| | (56 | ) | | 53 |
| | (10 | ) | | (2 | ) | | 470 |
| Corporate and other | 546 |
| | — |
| | (5 | ) | | (9 | ) | | 161 |
| | (90 | ) | | 41 |
| | (5 | ) | | (6 | ) | | 633 |
| Total AFS fixed maturities | 1,231 |
| | — |
| | (16 | ) | | (19 | ) | | 460 |
| | (183 | ) | | 186 |
| | (143 | ) | | (46 | ) | | 1,470 |
| Equity securities | 93 |
| | — |
| | (4 | ) | | (9 | ) | | 77 |
| | — |
| | — |
| | (17 | ) | | — |
| | 140 |
| Assets of MIE | 31 |
| | — |
| | (11 | ) | | — |
| | 6 |
| | — |
| | — |
| | — |
| | — |
| | 26 |
| Total Level 3 assets | $ | 1,355 |
| | $ | — |
| | $ | (31 | ) | | $ | (28 | ) | | $ | 543 |
| | $ | (183 | ) | | $ | 186 |
| | $ | (160 | ) | | $ | (46 | ) | | $ | 1,636 |
| | | | | | | | | | | | | | | | | | | | | Liabilities of MIE | $ | (2,701 | ) | | $ | 2,701 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Embedded derivatives (a) | (1,160 | ) | | — |
| | (17 | ) | | — |
| | (257 | ) | | 65 |
| | — |
| | — |
| | — |
| | (1,369 | ) | Total Level 3 liabilities | $ | (3,861 | ) | | $ | 2,701 |
| | $ | (17 | ) | | $ | — |
| | $ | (257 | ) | | $ | 65 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1,369 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015. |
| | (b) | The impact of implementing new guidance adopted in 2015, as discussed above and in Note A — “Accounting Policies — Managed Investment Entities.” |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | Balance at December 31, 2013 | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Balance at December 31, 2014 | AFS fixed maturities: | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 15 |
| State and municipal | 61 |
| | (1 | ) | | — |
| | 30 |
| | — |
| | 10 |
| | — |
| | 100 |
| Residential MBS | 316 |
| | 4 |
| | 3 |
| | 13 |
| | (31 | ) | | 111 |
| | (116 | ) | | 300 |
| Commercial MBS | 28 |
| | (1 | ) | | — |
| | — |
| | — |
| | 17 |
| | — |
| | 44 |
| Asset-backed securities | 75 |
| | 3 |
| | (2 | ) | | 99 |
| | (39 | ) | | 117 |
| | (27 | ) | | 226 |
| Corporate and other | 335 |
| | 2 |
| | 13 |
| | 102 |
| | (73 | ) | | 172 |
| | (5 | ) | | 546 |
| Total AFS fixed maturities | 830 |
| | 7 |
| | 14 |
| | 244 |
| | (143 | ) | | 427 |
| | (148 | ) | | 1,231 |
| Equity securities | 31 |
| | 1 |
| | 2 |
| | 62 |
| | (9 | ) | | 22 |
| | (16 | ) | | 93 |
| Assets of MIE | 30 |
| | (3 | ) | | — |
| | 6 |
| | (2 | ) | | — |
| | — |
| | 31 |
| Total Level 3 assets | $ | 891 |
| | $ | 5 |
| | $ | 16 |
| | $ | 312 |
| | $ | (154 | ) | | $ | 449 |
| | $ | (164 | ) | | $ | 1,355 |
| | | | | | | | | | | | | | | | | Liabilities of MIE (a) | $ | (2,411 | ) | | $ | 22 |
| | $ | — |
| | $ | (817 | ) | | $ | 505 |
| | $ | — |
| | $ | — |
| | $ | (2,701 | ) | Embedded derivatives (b) | (804 | ) | | (182 | ) | | — |
| | (221 | ) | | 47 |
| | — |
| | — |
| | (1,160 | ) | Total Level 3 liabilities | $ | (3,215 | ) | | $ | (160 | ) | | $ | — |
| | $ | (1,038 | ) | | $ | 552 |
| | $ | — |
| | $ | — |
| | $ | (3,861 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income includes gains of $50 million related to liabilities outstanding as of December 31, 2014. See Note H — “Managed Investment Entities.” |
| | (b) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014. |
|
Changes in balances of Level 3 financial liabilities | Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2016, 2015 and 2014 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | Balance at December 31, 2015 | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Balance at December 31, 2016 | AFS fixed maturities: | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | (8 | ) | | $ | 1 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 8 |
| State and municipal | 89 |
| | — |
| | (4 | ) | | 57 |
| | (2 | ) | | — |
| | — |
| | 140 |
| Residential MBS | 224 |
| | (4 | ) | | (2 | ) | | 8 |
| | (28 | ) | | 34 |
| | (42 | ) | | 190 |
| Commercial MBS | 39 |
| | (1 | ) | | — |
| | — |
| | (7 | ) | | — |
| | (6 | ) | | 25 |
| Asset-backed securities | 470 |
| | (1 | ) | | 1 |
| | 50 |
| | (52 | ) | | 60 |
| | (44 | ) | | 484 |
| Corporate and other | 633 |
| | — |
| | (10 | ) | | 176 |
| | (100 | ) | | 30 |
| | (17 | ) | | 712 |
| Total AFS fixed maturities | 1,470 |
| | (14 | ) | | (14 | ) | | 291 |
| | (189 | ) | | 124 |
| | (109 | ) | | 1,559 |
| Equity securities | 140 |
| | (12 | ) | | 35 |
| | 44 |
| | (28 | ) | | 15 |
| | (20 | ) | | 174 |
| Assets of MIE | 26 |
| | (9 | ) | | — |
| | 12 |
| | — |
| | — |
| | — |
| | 29 |
| Total Level 3 assets | $ | 1,636 |
| | $ | (35 | ) | | $ | 21 |
| | $ | 347 |
| | $ | (217 | ) | | $ | 139 |
| | $ | (129 | ) | | $ | 1,762 |
| | | | | | | | | | | | | | | | | Embedded derivatives (a) | $ | (1,369 | ) | | $ | (211 | ) | | $ | — |
| | $ | (277 | ) | | $ | 98 |
| | $ | — |
| | $ | — |
| | $ | (1,759 | ) | Total Level 3 liabilities (b) | $ | (1,369 | ) | | $ | (211 | ) | | $ | — |
| | $ | (277 | ) | | $ | 98 |
| | $ | — |
| | $ | — |
| | $ | (1,759 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016. |
| | (b) | As discussed above, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | | | Bal. at Dec. 31, 2014 | | Impact of
accounting
change (b) | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Sale of subsidiaries | | Bal. at Dec. 31, 2015 | AFS fixed maturities: | | | | | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 15 |
| State and municipal | 100 |
| | — |
| | — |
| | (1 | ) | | 34 |
| | (1 | ) | | 2 |
| | (39 | ) | | (6 | ) | | 89 |
| Residential MBS | 300 |
| | — |
| | (11 | ) | | (1 | ) | | — |
| | (34 | ) | | 86 |
| | (88 | ) | | (28 | ) | | 224 |
| Commercial MBS | 44 |
| | — |
| | (1 | ) | | (1 | ) | | — |
| | (2 | ) | | 4 |
| | (1 | ) | | (4 | ) | | 39 |
| Asset-backed securities | 226 |
| | — |
| | 1 |
| | (7 | ) | | 265 |
| | (56 | ) | | 53 |
| | (10 | ) | | (2 | ) | | 470 |
| Corporate and other | 546 |
| | — |
| | (5 | ) | | (9 | ) | | 161 |
| | (90 | ) | | 41 |
| | (5 | ) | | (6 | ) | | 633 |
| Total AFS fixed maturities | 1,231 |
| | — |
| | (16 | ) | | (19 | ) | | 460 |
| | (183 | ) | | 186 |
| | (143 | ) | | (46 | ) | | 1,470 |
| Equity securities | 93 |
| | — |
| | (4 | ) | | (9 | ) | | 77 |
| | — |
| | — |
| | (17 | ) | | — |
| | 140 |
| Assets of MIE | 31 |
| | — |
| | (11 | ) | | — |
| | 6 |
| | — |
| | — |
| | — |
| | — |
| | 26 |
| Total Level 3 assets | $ | 1,355 |
| | $ | — |
| | $ | (31 | ) | | $ | (28 | ) | | $ | 543 |
| | $ | (183 | ) | | $ | 186 |
| | $ | (160 | ) | | $ | (46 | ) | | $ | 1,636 |
| | | | | | | | | | | | | | | | | | | | | Liabilities of MIE | $ | (2,701 | ) | | $ | 2,701 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Embedded derivatives (a) | (1,160 | ) | | — |
| | (17 | ) | | — |
| | (257 | ) | | 65 |
| | — |
| | — |
| | — |
| | (1,369 | ) | Total Level 3 liabilities | $ | (3,861 | ) | | $ | 2,701 |
| | $ | (17 | ) | | $ | — |
| | $ | (257 | ) | | $ | 65 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1,369 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015. |
| | (b) | The impact of implementing new guidance adopted in 2015, as discussed above and in Note A — “Accounting Policies — Managed Investment Entities.” |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total realized/unrealized gains (losses) included in | | | | | | | | | | | Balance at December 31, 2013 | | Net income | | Other comprehensive income (loss) | | Purchases and issuances | | Sales and settlements | | Transfer into Level 3 | | Transfer out of Level 3 | | Balance at December 31, 2014 | AFS fixed maturities: | | | | | | | | | | | | | | | | U.S. government agency | $ | 15 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 15 |
| State and municipal | 61 |
| | (1 | ) | | — |
| | 30 |
| | — |
| | 10 |
| | — |
| | 100 |
| Residential MBS | 316 |
| | 4 |
| | 3 |
| | 13 |
| | (31 | ) | | 111 |
| | (116 | ) | | 300 |
| Commercial MBS | 28 |
| | (1 | ) | | — |
| | — |
| | — |
| | 17 |
| | — |
| | 44 |
| Asset-backed securities | 75 |
| | 3 |
| | (2 | ) | | 99 |
| | (39 | ) | | 117 |
| | (27 | ) | | 226 |
| Corporate and other | 335 |
| | 2 |
| | 13 |
| | 102 |
| | (73 | ) | | 172 |
| | (5 | ) | | 546 |
| Total AFS fixed maturities | 830 |
| | 7 |
| | 14 |
| | 244 |
| | (143 | ) | | 427 |
| | (148 | ) | | 1,231 |
| Equity securities | 31 |
| | 1 |
| | 2 |
| | 62 |
| | (9 | ) | | 22 |
| | (16 | ) | | 93 |
| Assets of MIE | 30 |
| | (3 | ) | | — |
| | 6 |
| | (2 | ) | | — |
| | — |
| | 31 |
| Total Level 3 assets | $ | 891 |
| | $ | 5 |
| | $ | 16 |
| | $ | 312 |
| | $ | (154 | ) | | $ | 449 |
| | $ | (164 | ) | | $ | 1,355 |
| | | | | | | | | | | | | | | | | Liabilities of MIE (a) | $ | (2,411 | ) | | $ | 22 |
| | $ | — |
| | $ | (817 | ) | | $ | 505 |
| | $ | — |
| | $ | — |
| | $ | (2,701 | ) | Embedded derivatives (b) | (804 | ) | | (182 | ) | | — |
| | (221 | ) | | 47 |
| | — |
| | — |
| | (1,160 | ) | Total Level 3 liabilities | $ | (3,215 | ) | | $ | (160 | ) | | $ | — |
| | $ | (1,038 | ) | | $ | 552 |
| | $ | — |
| | $ | — |
| | $ | (3,861 | ) |
| | (a) | Total realized/unrealized gains (losses) included in net income includes gains of $50 million related to liabilities outstanding as of December 31, 2014. See Note H — “Managed Investment Entities.” |
| | (b) | Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014. |
|
Fair value of financial instruments | The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): | | | | | | | | | | | | | | | | | | | | | | Carrying | | Fair Value | | Value | | Total | | Level 1 | | Level 2 | | Level 3 | 2016 | | | | | | | | | | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 2,107 |
| | $ | 2,107 |
| | $ | 2,107 |
| | $ | — |
| | $ | — |
| Mortgage loans | 1,147 |
| | 1,146 |
| | — |
| | — |
| | 1,146 |
| Policy loans | 192 |
| | 192 |
| | — |
| | — |
| | 192 |
| Total financial assets not accounted for at fair value | $ | 3,446 |
| | $ | 3,445 |
| | $ | 2,107 |
| | $ | — |
| | $ | 1,338 |
| Financial liabilities: | | | | | | | | | | Annuity benefits accumulated (*) | $ | 29,703 |
| | $ | 28,932 |
| | $ | — |
| | $ | — |
| | $ | 28,932 |
| Long-term debt | 1,284 |
| | 1,356 |
| | — |
| | 1,353 |
| | 3 |
| Total financial liabilities not accounted for at fair value | $ | 30,987 |
| | $ | 30,288 |
| | $ | — |
| | $ | 1,353 |
| | $ | 28,935 |
| | | | | | | | | | | 2015 | | | | | | | | | | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 1,220 |
| | $ | 1,220 |
| | $ | 1,220 |
| | $ | — |
| | $ | — |
| Mortgage loans | 1,067 |
| | 1,074 |
| | — |
| | — |
| | 1,074 |
| Policy loans | 201 |
| | 201 |
| | — |
| | — |
| | 201 |
| Total financial assets not accounted for at fair value | $ | 2,488 |
| | $ | 2,495 |
| | $ | 1,220 |
| | $ | — |
| | $ | 1,275 |
| Financial liabilities: | | | | | | | | | | Annuity benefits accumulated (*) | $ | 26,422 |
| | $ | 25,488 |
| | $ | — |
| | $ | — |
| | $ | 25,488 |
| Long-term debt | 1,000 |
| | 1,120 |
| | — |
| | 1,105 |
| | 15 |
| Total financial liabilities not accounted for at fair value | $ | 27,422 |
| | $ | 26,608 |
| | $ | — |
| | $ | 1,105 |
| | $ | 25,503 |
|
| | (*) | Excludes $204 million and $200 million of life contingent annuities in the payout phase at December 31, 2016 and 2015, respectively. |
|